5 Best Lithium Battery Stocks to Buy Now

In this article, we will discuss the 5 best lithium battery stocks to buy now. If you want to explore similar stocks, you can read 11 Best Lithium Battery Stocks to Buy Now.

5. FREYR Battery (NYSE:FREY)

Number of Hedge Fund Holders: 22

FREYR Battery (NYSE:FREY) is a global provider of energy storage and electric mobility solutions. The company offers a wide range of products and services for residential, commercial, and industrial applications. FREYR Battery (NYSE:FREY) is ranked among the best lithium battery stocks to buy now and is worth $1.70 billion on the open market, as of November 24.

On September 21, Morgan Stanley analyst Adam Jonas raised his price target on FREYR Battery (NYSE:FREY) to $26 from $18 and reiterated an Overweight rating on the shares, and also named the stock his “Top Pick” in the North American autos segment. This October, Cowen analyst Gabe Daoud took coverage of FREYR Battery (NYSE:FREY) with an Outperform rating.

At the end of Q3 2022, 22 hedge funds were bullish on FREYR Battery (NYSE:FREY) and disclosed stakes worth $381.2 million in the company. This is compared to 16 positions in the preceding quarter with stakes worth $205.2 million. The hedge fund sentiment for the stock is positive. As of September 30, Sylebra Capital Management is the top investor in the company and has a position worth $182.3 million.

4. Enovix Corporation (NASDAQ:ENVX)

Number of Hedge Fund Holders: 30

Enovix Corporation (NASDAQ:ENVX) is a leading innovator in the development of 3D silicon lithium-ion batteries. The company has developed a unique 3D cell architecture that enables lithium-ion batteries to be smaller, lighter, and more energy-dense than any other battery technology on the market today. Enovix Corporation (NASDAQ:ENVX) is ranked among the best lithium battery stocks to buy now.

This November, Cowen analyst Gabe Daoud revised his price target on Enovix Corporation (NASDAQ:ENVX) to $25 from $36 and reiterated an Outperform rating on the shares. On November 4, Janney Montgomery Scott analyst Sean Milligan took coverage of Enovix Corporation (NASDAQ:ENVX) with a Buy rating and a $23 price target.

At the close of Q3 2022, 30 hedge funds were long Enovix Corporation (NASDAQ:ENVX) and held stakes worth $486.6 million in the company. This is compared to 23 positions in the previous quarter with stakes worth $273 million. The hedge fund sentiment for the stock is positive. As of September 30, Park West Asset Management is the largest investor in Enovix Corporation (NASDAQ:ENVX) and has a stake worth $166.7 million in the company.

3. Livent Corporation (NYSE:LTHM)

Number of Hedge Fund Holders: 31

Livent Corporation (NYSE:LTHM) engages in the development, manufacture, and distribution of lithium for applications in consumer electronics and electric vehicles. Livent Corporation (NYSE:LTHM) is a leading player in the lithium battery market. The company has a strong presence in the industry with its innovative products and technology. Livent Corporation (NYSE:LTHM) has a strong client base and a strong market share. The company is well-positioned to grow in the lithium battery market and is ranked high among the best lithium battery stocks to buy now.

On October 27, B. Riley analyst Matthew Key started coverage of Livent Corporation (NYSE:LTHM) with a Neutral rating and a price target of $32, up from $30. This October, Citi analyst P.J. Juvekar raised his price target on Livent Corporation (NYSE:LTHM) to $32 from $27 and maintained a Neutral rating on the shares.

At the end of Q2 2022, 31 hedge funds held stakes in Livent Corporation (NYSE:LTHM) worth $360 million. This is compared to 30 positions in the previous quarter with stakes worth $294 million. As of September 30, Joho Capital is the top investor in Livent Corporation (NYSE:LTHM) and has a position worth $91.2 million in the company.

Here is what First Pacific Advisors had to say about Livent Corporation (NYSE:LTHM) in its third-quarter 2022 investor letter:

“Livent Corporation (NYSE:LTHM) is an integrated, low-cost lithium miner and processor that was spun out of FMC Corporation in 2018.9 Lithium is an essential component of electric vehicle batteries, is chronically undersupplied and spot Lithium Carbonate continues to hit new highs even as other commodity prices have come down. 10 Livent is currently running at roughly breakeven profitability, but our work suggests they will benefit from rising Lithium prices and credible capacity expansion plans. This is an unusual investment for us – we are generally wary of our ability to forecast commodity markets and we have sized the Livent position commensurately.”

2. Sociedad Quimica y Minera (NYSE:SQM)

Number of Hedge Fund Holders: 34

Sociedad Quimica y Minera (NYSE:SQM) is a Chile-based company engaged in the business of mining, refining, and selling minerals and chemicals. The company is one of the world’s largest lithium producers and has a dominant position in the global lithium market. Sociedad Quimica y Minera (NYSE:SQM) is one of the best lithium battery stocks to buy now and is worth $26.45 billion on the open market, as of November 24.

On November 17, Sociedad Quimica y Minera (NYSE:SQM) announced market-beating earnings for the fiscal third quarter of 2022. The company reported earnings per share of $3.85 and outperformed estimates by $0.53. The company generated a revenue of $2.96 billion, up 347.14% year over year, and beat expectations by $180.43 million.

This September, BMO Capital analyst Joel Jackson raised his price target on Sociedad Quimica y Minera (NYSE:SQM) to $130 from $125 and maintained an Outperform rating on the shares. On November 18, Deutsche Bank analyst Corinne Blanchard updated her price target on Sociedad Quimica y Minera (NYSE:SQM) to $125 from $128 and reiterated a Buy rating on the shares.

At the end of Q3 2022, 34 hedge funds were bullish on Sociedad Quimica y Minera (NYSE:SQM) and disclosed stakes worth $713.9 million in the company. This is compared to 29 positions in the preceding quarter with stakes worth $658.6 million in the company. As of September 30, Arrowstreet Capital is the largest shareholder in the company and has stakes worth $125.2 million in the company.

1. Albemarle Corporation (NYSE:ALB)

Number of Hedge Fund Holders: 49

Albemarle Corporation (NYSE:ALB) is a global specialty chemicals company with leading positions in lithium, bromine, and refining catalysts. The company has a broad customer base in the electric vehicles and consumer electronics markets. Albemarle Corporation (NYSE:ALB) has a long history of innovation and has been a pioneer in the development of lithium-based technologies. The company’s lithium business is among the world’s largest. Albemarle Corporation (NYSE:ALB) is one of the best lithium battery stocks to buy now.

On November 2, Albemarle Corporation (NYSE:ALB) reported earnings for the third quarter of fiscal 2022. The company generated a revenue of $2.09 billion, up 151.85% year over year, and reported earnings per share of $7.50, outperforming Wall Street consensus by $0.51.

On November 7, Deutsche Bank analyst Corinne Blanchard raised her price target on Albemarle Corporation (NYSE:ALB) to $325 from $305 and maintained a Buy rating on the shares. This November, RBC Capital analyst Arun Viswanathan raised his price target on Albemarle Corporation (NYSE:ALB) to $380 from $371 and reiterated an Outperform rating on the shares.

At the close of Q3 2022, 49 hedge funds were long Albemarle Corporation (NYSE:ALB) and disclosed stakes worth $621.4 million in the company. This is compared to 39 hedge funds in the previous quarter with stakes worth $600.6 million. The hedge fund sentiment for the stock is positive. As of September 30, Millennium Management is the top investor in Albemarle Corporation (NYSE:ALB) and has stakes worth $159.5 million in the company.

Here is what Carillon Tower Advisers had to say about Albemarle Corporation (NYSE:ALB) in its third-quarter 2022 investor letter:

“Albemarle Corporation (NYSE:ALB) is a global specialty chemicals company with leading positions in lithium, bromine, and refining catalysts. The company’s shares outperformed meaningfully in the quarter, driven largely by robust demand for lithium used to manufacture electric vehicle batteries. Albemarle is well-positioned for the accelerating adoption of electric vehicles and could benefit from the Inflation Reduction Act.”

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